Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. Curve 1 is Outdoor Equipment's
A. average variable cost curve.
B. average fixed cost curve.
C. average total cost curve.
D. marginal cost curve.
Answer: D
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A cartel member has the incentive to cheat on the cartel agreement because
a. it fears that other members may also cheat on the agreement. b. the cartel prevents the member from charging the monopoly price. c. undercutting the cartel price will increase the cartel member's profit. d. the cartel outcome is not Pareto optimal for the cartel members.
From the perspective of the employer, which of the following might be a substitute for unskilled labor?
A) Computers B) Skilled labor C) Tools D) Electricity E) All of the above.
The possibility that a borrower might engage in riskier behavior after a loan is made is called
A) adverse selection. B) liability aversion. C) moral hazard. D) the risk of default.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy were open to free trade, the domestic quantity supplied would:
A. drop from 815 to 500. B. increase from 250 to 500. C. increase from 815 to 1500. D. drop from 815 to 250.